Californian jeweller scores Bitcoin first

Silicon Valley-based high-end jeweller Stephen Silver has become the world’s first retailer of its kind to accept cryptocurrency purchases.

“Being that we’re here in Silicon Valley, really in the cradle of innovation, it provides us an opportunity to see how these technologies mature and what we’ve found was that we have a lot of customers who are reputable investors, entrepreneurs and they wanted to pay in cryptocurrencies,” says Stephen Silver, President, Jared Silver.

20% of the company’s shop’s sales are paid in cryptocurrency, mainly Bitcoin. Wire transfers account for about 50% of transactions and it pays 3.5% every time it accepts a credit card payment.

“For me, it’s about a third the cost of credit cards. It’s a faster closing time than wire transfer or credit card and it’s much easier on my customers. Stephen Silver’s sales in cryptocurrency over the last eight months have been strong, totalling over eight figures,” says Silver.

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